Buying Cars for People with Bad Credit: 3 Reliable Options
Originally posted on https://www.newbergchevrolet.com/blog/buying-cars-for-people-with-bad-credit-723730
Life happens and when it does, it can be expensive!
Sometimes leading to bad credit no matter how hard you try to stay ahead of things. If that isn’t bad enough, having bad credit can steam roll into further complications – like trying to purchase a car to get to work.
However, don’t be disheartened, there are several options when it comes to buying cars for people with bad credit. So, keep on reading about three reliable options to consider.
Cars for People with Bad Credit are Out There
Just because you have bad credit, doesn’t mean you’re destined to walk everywhere for the rest of your life. You don’t have to go without a car simply because you’ve had financial issues.
Here are three options for car buyers with less than stellar credit:
1. Choose the Right Dealership
Some dealerships specialize in cars for people with bad credit and will work with individuals to find a solution that’s right for them. However, make sure to shop around and do your research to find the best dealership for your needs. Many times, its worth traveling a little farther to get a better deal. Don’t just settle for the car lot down the street because it’s the most convenient. You may not get the best car loan, especially, if you have bad credit history.
Whether you are having trouble getting a car loan because you are a young first-time buyer and have no credit history or a senior citizen with a ruined credit rating, there are close-in Portland auto dealers (like Newberg Chevrolet) who will assist in finding the right financing either in-house or through a large partner lending network.
2. Save for a Large Down Payment
One way to make it easier to get financing is to make a larger down payment. When you are able to make a larger payment covering the initial down payment and also a few more months, you will more likely get the support of traditional lenders and financing companies.
Most of us can’t afford to pay cash for a new car but there are many used car options that could be a more realistic and economical choice. You may be able to save just enough for an older model used car.
Be sure you use a reputable dealer to avoid the chances of getting a lemon or being taken advantage of. If you already own a vehicle, you could use that vehicle’s trade-in value towards the cost of the new vehicle that you are looking to purchase. This can be a great way to help you get a better deal with lower out of pocket cost.
3. Get a Co-Signer
If you are wanting to purchase a brand new car that is clearly out of your financial reach, you maybe able to make this happen by using a co-signer. This would mean the other person is legally and financially responsible for the costs of the car if you were to default on your payments.
This is not something you ask a mere acquaintance because its not a decision that should not be entered into lightly. Both parties need to seriously consider the impact of this arrangement if payments don’t get made on time.The co-signer will need to be there to sign the financial contracts and verify they are willing to enter into this legally binding agreement.
Parents will often co-sign for their children’s first car to help them get on the road and learn financial responsibility while building their credit as they pay it off.
You Can Get a Bad Credit Car Loan near Portland Oregon
Newberg Chevrolet has a large inventory of cars for people who may have bad credit or no credit at all.
Newberg Chevrolet is located close to car buyers in the regions of Portland, Beaverton, Wilsonville, Salem, Gladstone, Canby, Sherwood, Woodburn, McMinnville, Gresham, Happy Valley, Clackamas and Hillsboro.